All Forum Posts by: Dick Green

Thanks for the warm welcomes!

This is a new venture that I'm looking into and real excited about.  It's the concept of buying the debt attached to the mortgage rather than buying the house.  i.e. buying and selling notes.

Of course the mortgage is attached to the property.  This is a debt society and debt is money.  I'm working on my first transaction.... we shall see.  

I'm located north of Houston, Owned a Real Estate Mortgage company years ago.....(retired).  Starting all over from scratch... my gray hair is turning back black....LOL.   I'm focusing on buying and selling mortgage notes.  Looking forward to sharing and networking.  God Bless!

Greetings to All!

Cost is factored into the building of my pipeline.  I haven't been on the BP site for many years now.  Tell Josh I said Hi!

My lack of participation has been due to  some personal reasons....  

Every aspect of a transaction could possibly be an important ingredient.  In order to put a transaction together, one needs a buyer, seller, house and money.  If you have most of the ingredients, it's easy to factor in the remainder.  Don't throw a good house away because it doesn't fit a certain transaction and likewise, don't throw a good buyer away because he/she doesn't fit a certain house. 

Anyway, I took a different market approach after the meltdown.   My thinking stemmed from 3 basic questions:

1. How can I find home buying clients before they know that they were going to be clients?
2. How much would I be willing to pay to find and develop these clients?
3. Is there anyway to create a system whereby a prospective home buying client would pay for his/her own development?  In other words, "Why not create a system that causes a prospect to pay me in order to do future business with me?"  Now that's a novel thought...LOL.

Then, I considered the biggest problem facing many individuals with challenged credit attempting to enter the rental market and merged the two issues together.  The problem of REPEATEDLY PAYING APPLICATION FEES is a real problem to those in the rental market.  There's money on the ground!

So, I developed a system whereby the prospect pays a one (1) time application fee which enables them to obtain rental processing anytime within the year based on predetermined criteria,(i.e. price point, area, type of house ect...), and this one time fee also includes a one (1) year enrollment into my credit analysis program to process and move them toward home ownership (Funnel Pipeline).

This is a paradigm shift in one's view towards the market for sure and many don't get it.......LOL.

Companies that extend credit for second chance auto purchases want to know if a potential purchaser has strong automotive payment history. Companies that extend revolving credit accounts look for strong revolving account payment history.

On rentals, even though I look at the whole picture, a major compensating factor is strong rental history that can be easily verified.

If there is no strong residential payment history, can the lack thereof be offset with more monies upfront?

Joe's right on the money. Honesty and full disclosure goes a long way towards preventing chaos in a transaction. Sometimes a seller's motivation may be something other than profit.

will help market! can put on Houston MLS...

Start marketing the property, try and bluff them to move early, check state eviction laws.

If the current homeowner can afford rent after short sale, they should be able to qualify for modification.

Find someone who is currently successful at what you are wanting to do then, copy their process. Go to city planning and determine which/where/why/when/who/what type.... building permits have been filed for projects in your area then, research those areas as well.